$10.51 Billion Grid-Scale Battery Storage Technologies Market – Global Opportunity Analysis and Industry Forecast, 2020-2030 – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Grid-Scale Battery Storage Technologies Market by Battery, by Application – Global Opportunity Analysis and Industry Forecast, 2020 – 2030” report has been added to ResearchAndMarkets.com’s offering.
The Global Grid-Scale Battery Storage Technologies Market size is estimated to be USD 2.11 billion in 2019 and is predicted to reach USD 10.51 billion by 2030 with a CAGR of 15.7% from 2020-2030.
Grid scale battery storage technologies are meant to store electricity in power grids to be used later. Large-scale battery systems can store excess energy produced by power plants during lower demand periods and supply it during peak time. This process is known as load levelling, load balancing or energy arbitrage.
Batteries can also store the power generated by intermittent renewable energy sources and provide a more balanced distribution. They can be used for T&D purposes, by using portable systems that minimize inefficiencies and provide support during the T&D process. Also, such batteries can be used for power quality and energy management purposes in micro grids or for commercial, industrial and even residential customers.
Market Dynamics and Trends
Key factors leading to the growth of the grid scale battery storage technology market are increased demand of renewable energy in conjunction with rapid modernization in the energy infrastructure. Also, the rapid population growth has increased the demand for energy around the world. This along with the integration of T&D networks is expected to contribute to the growth of the market. Further, the increased demand of electric vehicles is also among the key factors accountable for the growth of the market. However, high cost of grid scale battery storage installation and development is anticipated to restrict market growth.
Market Segmentations and Scope of the Study:
The grid scale battery market is segmented on the basis of battery type, application and geography. On the basis of battery type, the market is segmented into advanced lead-acid batteries, lithium ion batteries, sodium based batteries, flow batteries and others. Based on application, the market is segmented into utility, commercial, and residential. Based on geography the market is segmented into North America, Europe, Asia Pacific and RoW.
North America holds the lion share in grid-scale battery storage technologies market in terms of revenue, followed by Asia-Pacific, due to improvements in the supply side of the market, higher confidence on the demand side due to the availability of operating data from the first round of pilot projects and development of a market space for grid-scale batteries following new federal and state-level regulations on ancillary services and storage requirements.
Japan grid-scale battery market will be driven by new confidence in locally based NaS products, rising renewable energy additions year-on-year, and smart grid investments. However, the growth in China will be largely driven by the large investments in renewable energy and T&D transmission network integration activities. A high growth is anticipated in the Rest of the World grid-scale battery market due to significant investments in renewables and T&D modernization in Central America and Africa.
Lucrative growth opportunities makes the grid scale battery storage technology market extremely competitive.
Strategic alliances, acquisitions and innovations along with R&D are key strategies used by market players to maintain market dominance.
For instance, in February 2019, Tata Power, The AES Corporation and Mitsubishi Corporation has inaugurated India’s first grid-scale battery-based energy storage system in Rohini, Delhi.
Key Market Segments:
Global grid scale battery storage technology market- By battery type
- Advanced lead acid batteries
- Lithium ion batteries
- Sodium based batteries
- Flow batteries
Global grid scale battery storage technology market – By application
Global grid scale battery storage technology market – by geography
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Remaining Countries
- NGK Insulators Ltd.
- ABB Group
- Sumitomo Electric Industries, Ltd.
- LG Chem Ltd.
- Samsung SDI Co. Ltd.
- Panasonic Corporation
- BYD Co. Ltd.
- GS Yuasa Corporation
- Hitachi Ltd
- General Electric
- Mitsubishi Electric Corporation
For more information about this report visit https://www.researchandmarkets.com/r/p10z1r
Laura Wood, Senior Press Manager
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